What Types of Insurance does Rental Property Owner Need?

[Andrew Adamany]

Hi all,  I'm looking to invest in my first rental property soon.  I've been scouring the site and the whole internet trying to cover all my bases, and one thing I'm still curious about is what insurance policies do Rental Property Owner's get.  

Do you get both Homeowner's insurance and a Landlord Policy?  The Tenant is responsible for buying Renter's insurance, Landlord Insurance is the Investor's side of the coin, yes?  Do you cover your appliances as well with an Appliance Warranty?  And are there any other types of insurance you include?  As I crunch my numbers looking for a property, I want to make sure I'm not overlooking something or factoring in policies that aren't needed.

Thanks!

[Nick C.]

We get property insurance, which covers damages and we have an umbrella liability policy in addition to the liability offered by the property insurance. A warranty for appliances seems excessive to me. IMHO out of all the insurance you can get liability is the most important. Generally you can fix or replace anything in the house, but a lawsuit could bury you.